Marijuana Company of America Inc. Announces Shareholder Letter to Update Interested Parties on the Company’s Current Strategies

ESCONDIDO, Calif., Nov. 04, 2020 (GLOBE NEWSWIRE) -- Marijuana Company of America Inc. ("MCOA" or the "Company") (OTC: MCOA) today releases the following shareholder letter from Company founder Robert Hymers and CEO Jesus Quintero, providing shareholders a glance at the Company’s current strategies and addressing concerns regarding inherited convertible debt.

To our shareholders,

As a pioneer in the CBD industry, MCOA’s journey has centered on the development of quality CBD products. Many of you have traveled this road with us, supporting our endeavors and watching the evolution of the hempSMART brand; others of you may be unfamiliar with our background. To fully understand where MCOA currently stands and how we intend to get where we WANT to be, it’s important to know our history. Like any business, MCOA’s roadmap is flagged with achievements and challenges, the remnants of which remain today.

Marketing Strategy Based on Credibility

When MCOA was founded in 2015, the 2018 Farm Bill was three years away, consumer interest in CBD was minimal, and banking for cannabis companies was virtually impossible. As a creator of CBD products, MCOA’s challenge was to create awareness and a bridge of acceptance to CBD and hemp in both consumer and investor circles. Previous MCOA management rose to the challenge, but not without investing an exorbitant amount of capital in marketing and brand building.

As awareness increased, “CBD” and “hemp” became widespread marketing buzz words, and management used that leverage to attract consumers. It was a feeding frenzy, and the cannabis sector exploded with growth. MCOA also benefitted, of course, having built through years of hard work and expense, incredible intangible value as a pioneer in the industry. We are pleased to note that MCOA did a lot of heavy lifting for the whole sector, in terms of consumer education and acceptance.

The “trend” of CBD and hemp have since expired, however, and the Company’s early strategies and projects created nearly $3.5 million of toxic convertible debt, which we will discuss further in the letter.

One of my first tasks after being appointed CEO in December 2019, was to overhaul MCOA’s marketing strategy and lead us to profitability. Rather than using buzz words to market our hempSMART brand, we will emphasize the quality of our CBD products, shifting the limelight to the products themselves.

MCOA offers organic, natural, high-quality CBD products, and that’s what consumers need to know. We invest extra funds to double-test our products, which is rare in the health and wellness industry, ensuring the integrity of our products is solid. When we send hempSMART products to a consumer, we know it’s backed with trust and credibility.